Elm Street Realty Trust v. Commissioner
United States Tax Court
E and H transferred rental property to a trust which was to serve as a vehicle for their estate planning. The trust's organizing instrument vested the trustee with broad authority over the res and provided for transfer of the beneficiaries' interests. The beneficiaries had limited powers respecting amendment of the trust's organizing instrument, its termination and appointment of a successor trustee.
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E and H transferred rental property to a trust which was to serve as a vehicle for their estate planning. The trust's organizing instrument vested the trustee with broad authority over the res and provided for transfer of the beneficiaries' interests. The beneficiaries had limited powers respecting amendment of the trust's organizing instrument, its termination and appointment of a successor trustee. E and H, the two original beneficiaries, transferred their beneficial interests to members of their families. Held, although the trust possessed a business objective, the beneficiaries were not…
1Opinion of the Court
Elm Street Realty Trust, Whitfield W. Johnson, Trustee, Petitioner v. Commissioner of Internal Revenue, Respondent
Elm Street Realty Trust v. Commissioner
Docket No. 1977-79
United States Tax Court
76 T.C. 803; 1981 U.S. Tax Ct. LEXIS 127;
May 18, 1981, Filed
Decision will be entered for the petitioner.
E and H transferred rental property to a trust which was to serve as a vehicle for their estate planning. The trust's organizing instrument vested the trustee with broad authority over the res and provided for transfer of the beneficiaries' interests. The beneficiaries had limited powers respecting…
2Cases cited20 opinions
- Morrissey v. CommissionerSupreme Court of the United States · 1935
- Helvering v. Coleman-Gilbert AssociatesSupreme Court of the United States · 1935
- Swanson v. CommissionerSupreme Court of the United States · 1935
- Helvering v. CombsSupreme Court of the United States · 1935
- Crocker v. MalleySupreme Court of the United States · 1919
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